Regulatory change, a deep customer mistrust, and a seriously out of tune with reality technology stack and physical infrastructure all contribute to the opportunity to build exciting new companies in Financial Services.
Local UBS banking analyst Jonathan Mott along with analysts in London, New York and Tokyo contributed to the global report, titled Global banks: Is fintech a threat or an opportunity?
TCS remained the largest employer for 2015-16 while the Teaneck, New-Jersey headquartered Cognizant moved down to number three, making way for Sikka led Infosys, that stood second.
A bunch of them have started operations in India and have even raised venture funding over the past year or so. Startups such as Scripbox, Tauro, Wealthy.
The disruptive nature of RegTech provides benefits such as dataset agility, faster report speeds and integration, and analytics that are capable of mining large and complex datasets, the company says
Startups like Singapore’s Mesitis and Australia’s StockSpot, which use technology to offer investmenet advice and wealth planning, are targeting the financial hubs of Hong Kong and Singapore.
As consumers do more of their banking digitally, especially on smartphones, the bank's general manager of consumer digital, Travis Tyler, said it was looking at using "bots" to respond to customers with simple questions.
IRESS has introduced changes to its financial planning software application, Xplan, to further improve speed and accuracy for advisers using MLC’s online application system.